Republic Acts

REPUBLIC ACTS

REPUBLIC
ACT NO. 1516

REPUBLIC ACT NO. 1516 - AN ACT
FIXING A NEW PERIOD FOR THE SURRENDER OF TREASURY CERTIFICATES AND
CENTRAL BANK NOTES OF THE DENOMINATION OF OVER ONE HUNDRED PESOS, BY
AMENDING SECTION TWO OF REPUBLIC ACT NUMBERED ELEVEN HUNDRED NINETY-ONE
FOR THE PURPOSE

"Sec. 2. To
carry out the purposes of this Act, the owners or holders of Treasury
certificates and Central Bank notes, either individual persons,
associations, corporations, or institutions, of the denominations of
over one hundred pesos, are required to surrender them to the Central
Bank of the Philippines up to December thirty-one, nineteen hundred
fifty-seven, and in exchange to receive from the Bank their equivalent
amount in money in Treasury certificates or Central Bank notes of
smaller denominations: Provided, That the exchange shall hereafter be
allowed only if the holder has not been able to surrender the said
notes and/or certificates due his ignorance of the original provisions
of Republic Act Numbered Eleven hundred ninety-one or to no fault or
negligence on his part or to circumstances beyond his control, or if
the holder has acquired said notes and/or certificates for reasons
other than speculation: Provided, further, That an affidavit alleging
any of said grounds shall be prima facie proof of the facts therein
alleged and shall be accepted as sufficient compliance with the
preceding proviso."

Sec. 2. In case the affidavit required in the
preceding section is found to be false in any material respect, the
affiant shall be punished by imprisonment of not less than six months
nor more than six years, and by a fine in treble the amount of the
certificates and/or notes surrendered in exchange.cralaw

Sec. 3. The Central Bank of the Philippines and
the provincial and municipal treasurers and barrio councils are hereby
directed to give the provisions of this Act wide publicity.cralaw